SECTIONSService Terms
A service term is a unit of time which helps define the duration of a service contract and its billing frequency. All service contracts must be based on a service term. A service term can be any duration you specify such as a day, Month, Quarter or a Year. The Total Contract Value is calculated from the service terms. You can create service terms based on the number of days or months in that service term. For instance:
| Sample Service Term Name | Number of Days | Number of Months |
|---|---|---|
| Day | 1 | 0 |
| Fortnight | 14 | 0 |
| Month | 0 | 1 |
| Quarter | 0 | 3 |
| Year | 0 | 12 |
You can create as many service terms as you require for your organization.
When you create a service contract, you choose the service term you want and the number of terms the contract is to cover. This determines the duration of the contract. For instance, if the service term quarter is set up in your organization and you choose a contract length of two terms, this results in a contract length of six months.
You can activate and deactivate service terms as required.